Prosper conducted the survey - 92 percent of those
surveyed said the luxury handbag was expendable. This
year, it was down slightly to 89 percent.
"The handbag is a handbag," Rist says. "The connection
to the outside world has now become a necessity."
CLEARLY THE MOOD IS UP
Consumer confidence is up, according to the survey,
which was completed in December: Some 55 percent of
respondents said they were confident or very confident
the economy would be strong over the next six months.
Men were more likely than women to believe that,
while the 55-plus demographic and those with higher
incomes also were more inclined that way.
This was no blip; Prosper's January survey showed
the highest consumer confidence since the monthly
survey began in 2001. When asked their feelings about
a strong economy in the next six months, 60 percent
of those surveyed said they were confident or very
confident. That was just after the massive tax overhaul
was passed with
lofty promises of more income
in
people's
pockets; though it may have
been buoyed
by that news, it has remained
above 50
percent for more than a year
now.
In the decade prior, only
five months had consumer
confidence above 50 percent,
and three of those months were
prior to the Great Recession.
"The momentum coming out of the
holiday season is very strong," Rist says. "The
stock market is up and consumers are hearing
about lower taxes."
A TOOL, NOT A POSSESSION
As for the mobile phone's increasingly
untouchable status: "We've been seeing this for
a while," Rist says. "It's not a possession like the
handbag is. It actually is the Swiss Army knife of our
times. You can communicate, shop, take photos, set
reminders. It truly is something that shoppers are using
in so many different ways, both in entertainment and
managing their lives."
He notes that just 15 years ago when the term "Cyber
Monday" was coined, it was because people were
shopping online at work. "That's where the broadband
connection was, and it was faster than the dial-up
service at home," Rist says. "Now, with these mobile
carriers, everything is fast."
The untouchability of internet service - ranked that
way by 80 percent of respondents, consistent since
the question was first asked in 2008 - is also worth
noting, Rist says. It is a full 20 percentage points above
the next item: mobile/cell phone service. Haircut/color
STORES.ORG
44%
80%
59%
55%
45%
Top 5 Untouchables
Internet service
Mobile/cell phone service (basic)
Mobile/cell phone service (text, picture, video)
Cable/satellite TV (basic)
Upgraded mobile device (smartphone, iPad
or Android-based tablet, eReader, iPod Touch,
wireless laptop, etc.)
80%
59%
55%
45%
44%
Source: Prosper Insights & Analytics, Monthly Consumer Survey, December 2017
89%
88%
88%
88%
87%
Top 5 Expendables
Luxury handbag
Club/social memberships (country club, golf club, etc.)
High-end jewelry
Costume jewelry
Maid service
89%
88%
88%
88%
87%
Source: Prosper Insights & Analytics, Monthly Consumer Survey, December 2017
STORES April 2018 23